Consumer affairs

Plans are being set in motion to allow the new financial regulator to ban dodgy products before they are mis-sold on a massive scale.

A whopping £516 million was paid out to victims of payment protection insurance (PPI) mis-selling in September, according to latest industry figures.

Claims management companies (CMCs) should be banned from cold calling says charity Citizens Advice, after research revealed 90% of consumers have been pestered by calls, emails or texts by them.

Lloyds Banking Group has set aside a further £1 billion to pay victims of payment protection insurance (PPI) mis-selling.

A huge £602.2 million was paid out to victims of payment protection insurance (PPI) mis-selling in August, according to latest industry figures.

The bill for mis-sold payment protection insurance (PPI) at Barclays soared to £2 billion today as claims against the banking giant continue to pile up.

Consumers have been told the new financial regulator will work faster than its predecessor to stop mis-selling and protect customers.

Barclays is to abolish sales incentives for frontline branch and telephone staff, which it hopes will help prevent mis-selling.

Complaints to financial firms rose by 59% in the first half of this year, driven by a spike in the number of payment protection insurance (PPI) complaints , new data from the Financial Services Authority (FSA) reveals today.

Every household is being ripped off to the tune of £430 a year by banks, insurance and other financial service companies, according to a report.